Moorestown 2009 Real Estate Market End of Year Review

Real Estate Agent with Prudential Fox & Roach

Congratulations Moorestown: you were 1 of only 3 towns in Burlington County that saw your average sales price increase from 2008-2009.  The other 2 towns: Delanco and Springfield.  When I dig deeper though, Moorestown's accomplishment is more significant because of the number of units sold. Springfield only had 22 sales in 09 and Delanco 30, Moorestown had 154.  (My apologies to Wrightstown residents who also saw an increase, but there were only 4 units sold in 2009 which is too few to make it statistically relevant in my book.)
While Burlington County experienced an 8.2% decrease in the average sale price, Moorestown enjoyed a 3.5% increase.  The increase is more impressive when you factor in that the Months Supply of Inventory (MSI) started the year at 11 Months and ended up at 16, spiking as high as 21 months.  Contrast that to Burlington County, where the year's MSI ended where it started at 10 months, rising as high as 14.  Translation, even though the competition for buyers increased in Moorestown over the year, the pricing still went up.  
Now you might be thinking "Yea, but isn't the pricing in Moorestown skewed because of all those Million Dollar Sales?"  Ok, maybe you weren't thinking that, but I was, so I dug deeper.  Moorestown saw the number of Million Dollar sales drop from 11 in 2008 to 8 in 2009.
The bottom line:  The Moorestown market certainly has it's challenges, but today's buyers still recognize the charm and value of this wonderful community and are willing to pay a reasonable premium to live there.

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